Credit Union Times Magazine February-11, 2009

Carolina Postal Campaign Harkens Back to Hooterville With Team of Joes

By Myriam DiGiovanni

CHARLOTTE, N.C. -- With locals growing nervous over economic and job concerns, Carolina Postal Credit Union has launched a new campaign to help ease their fears.

MIT FCU Replaces Citibank as Lender for Top Business School

By Lindsey Siegriest

WASHINGTON -- MIT Federal Credit Union exemplified the opportunities that exist for credit unions in this current market by taking the place of Citibank as a lender for private student loans at the MIT Sloan School of Management.

Thanks to a Charlotte CU, Super Bowl Had More Than Its Share of Pigskins

By Myriam DiGiovanni

CHARLOTTE, N.C. -- While local football favorites the Carolina Panthers may not have made it to the Super Bowl, Charlotte Metro Credit Union pulled pigs out from under a blanket at game time.

Texas Chamber of Commerce Changes Expo to Boost Economy

By Michelle A. Samaad

GALENA PARK, Texas -- The Crosby-Huffman Chamber of Commerce has changed the format of its annual expo in the hopes of benefiting local credit unions and other local businesses.

Indiana Members Is Among First CU Users of Fiserv BANKLINK

By Lindsey Siegriest

INDIANAPOLIS -- Indiana Members Credit Union is making a run for the commercial business of new and potential members with cash tools long the exclusive province of banks.

Proactive Approach, Investment Bank Shakeups Help Push Greylock Forward

By Michelle A. Samaad

PITTSFIELD, Mass. -- A typical day at Greylock Investment Group may mean a member wanting to buy 100 shares of a $10 stock or advising a client who is on a fixed income and has $6 million in assets.

Tennessee Adviser Dupes Investors With Bogus TARP Fund Securities

By Michelle A. Samaad

WASHINGTON -- Clients of Gordon B. Grigg and his firm ProTrust Management Inc. were allegedly defrauded out of $6.5 million through a bogus claim that their money would be invested in the federal

VSoft, IMM Integrate Teller Imaging Offering

ATLANTA -- VSoft Corp. and Integrated Media Management have announced a joint offering of their services to help financial institutions meet the closure deadlines the Federal Reserve has set for its check processing centers.

NAFCU Accepting Award Entries for Executives, Volunteers and Others

By Claude R. Marx

WASHINGTON -- Credit unions who have exemplary executives, volunteers, marketing programs or political activism can enter NAFCU's annual awards competition.

IRS Provides First-Ever Grant for CDCU Tax Assistance Sites

By David Morrison

NEW YORK -- For the first time, the IRS has provided a grant to help a coalition of credit unions provide volunteer income tax assistance to their lower income members.

Some Corporate Results Are Delayed Others Are Asterisked

By Heather Anderson

SAN DIEGO -- The complexity of collateralized debt obligation values and the effect of U.S. Central's losses is causing some retail corporates to delay December 2008 financials

Women Financial Advisers Take the Time to Talk It Out to Build Relationships

By Michelle A. Samaad

HARRISBURG, Pa. -- These are certainly serious times. And Emmor Boslet doesn't mean to make light of them by suggesting she might do better to bring a couch into her office.

KV Federal Conversion Moving Forward; Members Are Seeking More Information

By David Morrison

AUGUSTA, Maine -- KV Federal Credit Union is actively moving forward with changing its charter to a mutual bank

CUs Jolted by Rescue Plan and Formulate Cheaper Alternatives

By Claude R. Marx

WASHINGTON -- Concerned about the impact on their balance sheets at a time of economic tumult

Corporates Brood Over the Plan's High Price in Regulatory Payback

By Heather Anderson

WASHINGTON -- Judging by the NCUA's laundry list of potential regulatory, operational and organizational changes facing corporate credit unions, the $1 billion U.S.

Will Obama Treasury Revisit TARP?

By Claude R. Marx

WASHINGTON -- Credit unions are hoping that the Treasury Department will open the coffers of the Troubled Asset Relief Program when the department unveils new rules soon.

Dealer Relationships Can Turbocharge Indirect and Direct CU Auto Lending

By Lindsey Siegriest

HOBOKEN, N.J. -- There's a common thread found among direct and indirect credit union auto lenders that have seen success in their programs over the past year; strong dealer relationships.

House Panel Aids Insurance Fund

By Claude R. Marx

WASHINGTON -- The NCUSIF received some breathing room and access to more money to deal with emergencies as a result of amendments approved by the House Financial Services Committee last Wednesday.

MAX Community Sees Leasing as Small Business Cash Conservation Option

By Michelle A. Samaad

MONTGOMERY, Ala. -- It was a painful encounter when MAX Community Credit Union lost out on a plum equipment leasing contract with a local medical facility to a larger bank.

WRG Reports 2008 Revenue

PASADENA, Calif. -- Wescom Resources Group said the past year was its best yet, growing its client base to more than 225 credit unions and posting a 49% increase in revenue and a 29% increase in net income over the previous year.

Arkansas FCU First User of VSoft Solution and Adds a New Twist

By Marc Rapport

JACKSONVILLE, Ark. -- Arkansas Federal Credit Union is going first with a home and small office check capture solution from an Atlanta company that already has made a big mark in merchant capture and the corporate credit union space.

NSF/OD Analysis Report Aims to Bring Attention to Fee-Income Strategies

By Lindsey Siegriest

SAINT SIMONS ISLAND, Ga. -- Mike Flores, CEO of Bretton Woods Inc., a management consulting firm for financial institutions,

Card Interchange Key to Robust Payments System, MasterCard Argues

By David Morrison

PURCHASE, N.Y. -- A recently released MasterCard International paper defends credit and debit card interchange as a key part of a robust electronic payments system that benefits everyone. The paper

Economic Downturn Takes a Small Toll on Health Savings Account Balances

By Myriam DiGiovanni

SAN FRANCISCO -- Health care banking technology solutions provider Canopy Financial found that the recession has had some impact on health savings account balances.

CUSOs Boost Noninterest Income for Some California Credit Unions

By Heather Anderson

RIVERSIDE, Calif. -- Noninterest income has been a blessing for some credit unions located at the epicenter of California's mortgage upheaval,

Pullback in ATM and Check Use Stunts Banks' Noninterest Income

NEW YORK -- Because consumers are withdrawing less from ATMs and writing fewer checks, some banks are reporting a drop in noninterest income generated through overdraft and customer service fees.

Callahan Survey Data Details Sources of Noninterest Income

WASHINGTON -- The nation's credit unions report "fee income" and "other operating income," not the different sources of noninterest income.

CUs Get the Smack-Down on Cram-Downs

By Sarah Snell Cooke

Even in these unprecedented times, credit unions in general have shown themselves to be prudent lenders and a source of stability for their members as the availability of credit from banks has dried up.

Take Back the Market! Credit Unions Will Never Get a Better Opportunity

Out of today's economic turmoil will emerge tomorrow's opportunities. Credit unions need to take advantage of these opportunities.

AWARDS

First Bristol Federal Credit Union, Bristol, Conn., earned a five-star superior rating from BauerFinancial Inc.

PEOPLE

Leominster Credit Union, Leominster, Mass., honored 25 current staff members for their combined 224 years of service